Last update: Oct 2026

Cost of Living Comparison Between Chicago, IL and Panama City, FL

For one person, living is cheaper in Panama City, FL: $2,409 a month against $3,037 in Chicago, IL, rent and utilities included – about $7,500 less a year. Rent and utilities account for most of the difference.

147

Cost of Living Index in Chicago, IL
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Chicago, IL Living Index
115

Cost of Living Index in Panama City, FL
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Panama City, FL Living Index

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Chicago, IL

🇺🇸 United States

$3,037

/mo nomad

Panama City, FL

🇺🇸 United States

$2,409

/mo nomad

Monthly Cost of Living

How much you'll spend in Chicago, IL and in Panama City, FL

Real prices from locals and on-the-ground checks – rent, groceries, transit and the daily extras. Here's what a month in Chicago, IL and in Panama City, FL actually costs, broken down by who's living it.

A single person spends $3,037 per month in Chicago, IL vs $2,409 in Panama City, FL, rent included.

Chicago, IL $3,037
Panama City, FL $2,409

A couple spends around $4,518 per month in Chicago, IL vs $3,287 in Panama City, FL, rent included.

Chicago, IL $4,518
Panama City, FL $3,287

A family of three spends $5,999 per month in Chicago, IL vs $4,165 in Panama City, FL, rent included.

Chicago, IL $5,999
Panama City, FL $4,165

Chicago, IL costs about 26% more than Panama City, FL, and outside of rent the biggest gap is in groceries.

Both Chicago, IL and Panama City, FL sit above the global median – Chicago, IL by 123%, Panama City, FL by 77%.

Meal at Budget Restaurant

$20.71 $20.71

$18.74 $18.74

10.51%

Three-Course Dinner for Two, Mid-Range

$89.2 $89.2

$54.0 $54.0

65.24%

Fast Food Meal (McDonalds, etc)

$13.19 $13.19

$12.11 $12.11

8.92%

Cappuccino

$5.66 $5.66

$5.60 $5.60

1.07%

Coke/Pepsi/Fanta/Sprite (0.33 liter bottle)

$2.64 $2.64

$2.89 $2.89

-8.65%

Water (0.33 liter bottle)

$2.28 $2.28

$1.70 $1.70

34.12%

Local Beer (0.5 liter draught)

$6.87 $6.87

$5.10 $5.10

34.71%

Imported Beer (0.33 liter bottle)

$8.84 $8.84

$7.12 $7.12

24.16%

Milk (1 liter)

$1.25 $1.25

$0.90 $0.90

38.89%

White Bread (500g)

$3.72 $3.72

$3.46 $3.46

7.51%

Rice (white) (1kg)

$5.39 $5.39

$2.66 $2.66

102.63%

Eggs

$4.74 $4.74

$3.30 $3.30

43.64%

Local Cheese (1kg)

$13.84 $13.84

$10.78 $10.78

28.39%

Chicken Fillets (1kg)

$14.40 $14.40

$11.61 $11.61

24.03%

Beef Round Steak (1kg)

$18.38 $18.38

$14.64 $14.64

25.55%

Apples (1kg)

$5.22 $5.22

$4.10 $4.10

27.32%

Banana (1kg)

$1.98 $1.98

$1.49 $1.49

32.89%

Oranges (1kg)

$4.06 $4.06

$2.73 $2.73

48.72%

Tomato (1kg)

$4.97 $4.97

$4.30 $4.30

15.58%

Potato (1kg)

$2.67 $2.67

$3.11 $3.11

-14.15%

Onion (1kg)

$2.66 $2.66

$2.84 $2.84

-6.34%

Lettuce (1 head)

$2.24 $2.24

$2.09 $2.09

7.18%

Water (1.5 liter bottle)

$3.13 $3.13

$2.22 $2.22

40.99%

Cigarettes 20 Pack (Marlboro, Camel)

$13.82 $13.82

$9.31 $9.31

48.44%

Wine (Bottle)

$14.88 $14.88

$12.15 $12.15

22.47%

Local Beer (0.5 liter bottle)

$2.54 $2.54

$1.70 $1.70

49.41%

Imported Beer (0.33 liter bottle)

$3.51 $3.51

$3.86 $3.86

-9.07%

One-way Ticket (Public Transport)

$2.43 $2.43

$1.46 $1.46

66.44%

Public Transport Monthly Pass (Regular Price)

$73.5 $73.5

$35.52 $35.52

107.01%

Taxi Start (Normal Tariff)

$3.18 $3.18

$2.55 $2.55

24.71%

Taxi (Normal Tariff) (1km)

$1.39 $1.39

$1.51 $1.51

-7.95%

Taxi 1hour Waiting (Normal Tariff)

$25.03 $25.03

$26.17 $26.17

-4.36%

Gasoline (1 liter)

$1.20 $1.20

$0.98 $0.98

22.45%

Midsize Hatchback 1.4l (Volkswagen Golf, Toyota Prius, Honda Civic, etc)

$35.0K $35.0K

$27.5K $27.5K

27.42%

Compact Sedan 1.6l (Toyota Corolla, Mazda3, Kia K4, Hyundai Elantra, etc)

$26.7K $26.7K

$25.9K $25.9K

2.80%

Utilities for 2 People in 2-bedroom Apartment (Heating, Electricity, Gas, Water, Garbage) (85m2)

$194 $194

$169 $169

14.80%

SIM Card Monthly Plan (Calls and 10GB+ Data)

$69.5 $69.5

$44.38 $44.38

56.49%

Internet (50+ Mbps, Unlimited Data)

$61.6 $61.6

$59.5 $59.5

3.53%

Gym Membership (Monthly)

$47.90 $47.90

$24.35 $24.35

96.71%

Tennis Court (1 Hour on Weekend)

$27.34 $27.34

Cinema Ticket

$17.81 $17.81

$12.87 $12.87

38.38%

Preschool or Kindergarten, Full Day, Private, 1 Child (Monthly)

$1,794 $1,794

$618 $618

190.31%

International Primary School, 1 Child (Yearly)

$31.9K $31.9K

$13.9K $13.9K

130.58%

Jeans (Levis 501 Or Similar)

$67.0 $67.0

$48.26 $48.26

38.87%

Summer Dress (H&M, Zara, etc)

$52.1 $52.1

$40.43 $40.43

28.96%

Sport Shoes (Adidas, Nike)

$102 $102

$84.5 $84.5

20.21%

Men's Leather Business Shoes

$144 $144

$95.9 $95.9

49.95%

1-bedroom Apartment, City Center (Monthly)

$2,526 $2,526

$921 $921

174.28%

1-bedroom Apartment, Outside City Center (Monthly)

$1,578 $1,578

$1,248 $1,248

26.46%

3-bedroom Apartment, City Center (Monthly)

$4,738 $4,738

$1,673 $1,673

183.25%

3-bedroom Apartment, Outside City Center (Monthly)

$2,693 $2,693

$1,662 $1,662

62.04%

Buy Apartment in City Center (m2)

$4,190 $4,190

$3,269 $3,269

28.16%

Buy Apartment Outside City Center (m2)

$2,768 $2,768

$2,694 $2,694

2.73%

Average Monthly Net Salary (After Tax)

$4,931 $4,931

$3,980 $3,980

23.89%

20-Year Fixed Mortgage Interest Rate (Annual %)

6.81

6.54

4.13%

CityCost data is based on AI and user input – minor inaccuracies may occur.

Last update for Chicago, IL: October 25, 2026

Last update for Panama City, FL: October 27, 2026

Monthly budget structure

Share of the monthly basket for one person, rent included.

Accommodation & Living

Chicago, IL

$1.6K 52%

Panama City, FL

$1.2K 51.8% 20.9% $330

Groceries & Markets

Chicago, IL

$447 14.7%

Panama City, FL

$354 14.7% 20.8% $93

Eating Out

Chicago, IL

$345 11.4%

Panama City, FL

$312 12.9% 9.7% $33

Monthly Utilities & Internet

Chicago, IL

$326 10.7%

Panama City, FL

$273 11.3% 16.1% $52

Clothing & Footwear

Chicago, IL

$164 5.4%

Panama City, FL

$121 5% 26.2% $43

Getting Around

Chicago, IL

$93 3.1%

Panama City, FL

$51 2.1% 44.9% $42

Sport & Entertainment

Chicago, IL

$84 2.8%

Panama City, FL

$50 2.1% 40% $33

Cost Breakdown

A central one-bedroom costs $2,526 in Chicago, IL versus $921 in Panama City, FL. Rent is usually the largest line item in a monthly budget, so the gap here sets the tone for the overall comparison.

Salaries run about 24% higher in Chicago, IL, which partly offsets the higher cost of living there. Purchasing power depends on which expenses matter most to you.

A mid-range dinner for two costs $89 in Chicago, IL versus $54 in Panama City, FL. Monthly groceries follow the same trend: $447 vs $354 – making Panama City, FL the more affordable choice for daily food spending.

Good to know

🇺🇸 Chicago, IL

🇺🇸 Panama City, FL

🕒 Local time

08:05 8:05 AM

Same time as Chicago, IL

🌤 Weather

👥 Population

2,746,388

36,484

💱 Currency

United States Dollar USD $

📈 Exchange rate

1 USD = 0.896 EUR

Exchange rates and currency converter

On the map

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Highest

Between locations

Chicago, IL Panama City, FL 1,310 km ≈ 2 h 15 min nonstop flight

From you

Chicago, IL
Panama City, FL

Distances are measured in a straight line. Your location is detected approximately.

City Median Internet Speeds Comparison (Updated April 2026)

The chart highlights the Precision Threshold for mobile and fixed broadband internet speeds, updated quarterly.

Digital Nomad Cost of Living Index

Chicago, IL vs Panama City, FL: Cost of Living - Frequently Asked Questions

Monthly costs with rent: $3,037 in Chicago, IL, $2,409 in Panama City, FL – Panama City, FL comes out roughly 21% cheaper. Outside of rent, the biggest gap is in groceries.

For a comfortable life, plan on about $4,555 per month in Chicago, IL and $3,614 in Panama City, FL. That covers rent, food, utilities, transport, and enough left over to feel settled – not just surviving.

Rent is clearly cheaper in Panama City, FL, especially for central apartments: a one-bedroom in the center costs $921 there versus $2,526 in Chicago, IL.

Groceries cost about 26% more in Chicago, IL, though the gap depends on what you buy.

A mid-range dinner for two costs $89 in Chicago, IL and $54 in Panama City, FL. That’s a good indicator of the overall restaurant and café pricing gap between the two cities.

$2,000 is a stretch for both – monthly costs hit $3,037 in Chicago, IL and $2,409 in Panama City, FL. You’ll need shared housing and careful budgeting no matter which city you pick.

Families tend to lean toward Panama City, FL – lower housing and cheaper childcare make a real difference, especially on a single income or when paying for private education.

If budget matters most, go with Panama City, FL. If higher salaries or specific career opportunities are the priority, Chicago, IL makes more sense. Both are solid long-term options with distinct trade-offs.